Market Closes – June 2, 2015

CBOT futures closed strongly to sharply higher today on support from a much weaker US dollar, wheat crop concerns and various factors lifting soybeans such as the recent surge in soybean oil prices and a slower-than-expected planting pace. Given the huge short positions held by the spec funds, a day of short-covering is warranted when market factors add uncertainty to production potential. Corn futures were supported by Monday’s rally off of key chart support; support is 3.4825 for July and 3.65 for December Corn.

Cattle futures closed slightly lower but with boxed beef falling sharply in the afternoon report, LC futures may head lower tomorrow morning. Choice dropped 2.69 to 252.59 and Select dropped 3.27 to 241.35. June LC’s discount to the recent cash trade of $159-160/cwt should limit losses.

Lean Hog futures closed lower on weaker cash hog prices. The pork market didn’t offer much support. FOB Plant Pork gained .27 to 87.37.

Corn Jly +7 359; Dec +7 376
Bean Jly +15 941; Nov +16 917
Meal Jly +5 302; Oct +5 291
Oil -34 3417
Wheat Jly +19 512; Dec +18 531
KC +21 535; MGE +23 571
Oats +8 253
Rice +12 977

LC Jun +15 15330; Oct -22 15362; Feb -7 15492
FC Aug -22 22332; Oct -40 22075; Jan -45 21277
LH Jun -17 8447; Aug -62 8275; Dec -52 6925
Milk Jun +2 1692; Jly -6 1740

 

US$ -1.6%
Dow -28 18012
SP -2 2110
NAS -6 5077
Tran +13 8407
VIX +.27 14.24

WTI +106 6126
Brent +61 6549
Gas +2 206
NG +5 270
HO +2 194
Eth +3 153
Gold +6 1194
Slvr +12 1680

5-yr +.059 1.608%
10yr +.083 2.266%
30yr +.081 3.016%

Lexington Auction (Tues)
Weighted Average Report for 06/02/2015
Receipts: 1097 Last Week: 1138 Year Ago: 1129
Compared to yesterday steer calves sold firm with very good demand on an active market with some farmer participation again today for middleweight calves.
Heifer calves sold steady with good demand. Yearlings sold steady with very good demand. Quality was good through attractive. Slaughter cows and slaughter bulls sold 1.00 lower with moderate demand.

0 replacement cattle, 58 slaughter cattle, and 1039 feeder cattle.
Today’s supply included 79.7 percent that weighed over 600 lbs. 54.3 percent steers and 5.5 percent bull calves 12.7 percent Holstein Steers and 22.4 percent heifers of total recorded feeder supply. 42 head of slaughter cows with
95 percent going to slaughter. 16 head of slaughter bulls with 100 percent going to slaughter.

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